On November 6, 2023, Affiliated Managers Group Inc (AMG, Financial) released its financial and operating results for the third quarter and nine months ended September 30, 2023. The company reported an EPS of $5.48 and Economic EPS of $4.08 for the third quarter. AMG's net income (controlling interest) of $217 million includes an approximately $100 million gain on the Veritable transaction. The company also repurchased $172 million in common stock, bringing the total year-to-date share repurchases to $441 million.
Financial Highlights
AMG's financial performance measures for the third quarter of 2023 show a net income (controlling interest) of $217 million, up from $112.6 million in the same period in 2022. The company's earnings per share (diluted) increased from $2.80 in Q3 2022 to $5.48 in Q3 2023. The company's economic net income (controlling interest) was $149.5 million, down from $167 million in Q3 2022.
Investments and Share Repurchases
AMG completed investments in Ara Partners, a private markets firm specializing in industrial decarbonization, and Forbion, a leading European private markets firm focused on life sciences. The company also repurchased approximately $172 million in common stock, bringing total year-to-date share repurchases to $441 million.
Company's Performance Analysis
AMG's financial results for Q3 2023 reflect the company's disciplined execution of its capital allocation strategy across both growth investments and share repurchases. The company's focus on investing in secular growth areas continues to diversify its business and enhance its ability to deliver stable earnings during periods of macroeconomic uncertainty.
Looking Ahead
AMG's unique approach continues to attract outstanding firms seeking a strategic partner that can magnify their long-term success. Looking ahead, the company remains focused on executing its growth strategy, and, given the quality and diversity of its Affiliates, its excellent capital position, and distinctive competitive advantages, AMG is well-positioned to create meaningful incremental shareholder value over time.
Explore the complete 8-K earnings release (here) from Affiliated Managers Group Inc for further details.
